To amend the Internal Revenue Code of 1986 to expand and extend the first-time homebuyer credit.
Ms. EDDIE BERNICE JOHNSON of Texas introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to expand and extend the first-time homebuyer credit.
(a) Expansion of Credit to All Homebuyers- Subsection (a) of section 36 of the Internal Revenue Code of 1986 is amended by striking ‘who is a first-time homebuyer of a principal residence’ and inserting ‘who purchases a principal residence’.
(b) Extension of Credit- Subsection (h) of section 36 of such Code is amended by striking ‘December 1, 2009’ and inserting ‘January 1, 2011’.
(c) Extension of Waiver of Recapture- Subparagraph (D) of section 36(f)(4) of such Code is amended--
(1) by striking ‘December 31, 2008, and before December 1, 2009’ and inserting ‘April 8, 2008, and before January 1, 2011’, and
(2) in the heading by striking ‘FOR PURCHASES IN 2009’.
(d) Election To Treat Purchase in Prior Year- Subsection (g) of such Code is amended to read as follows:
‘(g) Election To Treat Purchase in Prior Year- For purposes of this section (other than subsections (c) and (f)(4)(D)), a taxpayer may elect to treat a purchase of a principal residence--
‘(1) after December 31, 2008, and before January 1, 2010, as made on December 31, 2008, and
‘(2) after December 31, 2009, and before January 1, 2011, as made on December 31, 2009.’.
(e) Conforming Amendments-
(1) Subsection (c) of section 36 of such Code is amended by striking paragraph (1) and by redesignating paragraphs (2), (3), (4), and (5) as paragraphs (1), (2), (3), and (4), respectively.
(2) Section 36 of such Code is amended by striking ‘first-time homebuyer credit’ in the heading and inserting ‘home purchase credit’.
(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 36 and inserting the following new item:
‘Sec. 36. Home purchase credit.’.
(4) Subparagraph (W) of section 26(b)(2) of such Code is amended by striking ‘homebuyer credit’ and inserting ‘home purchase credit’.
(f) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.
U.S. Congress - Text of H.R.2606 as Introduced in House Home Buying Credit Expansion Act
